Rep. Matt Gaetz, R-Florida. Gaetz is one of two Florida congressmen to sponsor legislation to transfer marijuana to Schedule III of the Controlled Substances Act. (Steve Cannon, Associated Press File)

New federal bill would reschedule marijuana as Schedule III

Having marijuana on a lower rung would uphold the rights of states that have legalized the medical use of cannabis, allow for banking activities and create a clearer path for research, says the bill's sponsor

The latest marijuana-centric bill before Congress would place cannabis as a Schedule III substance, a classification shared by Tylenol with codeine, ketamine and dronabinol.

Two Florida congressmen, Republican Rep. Matt Gaetz and Democratic Rep. Darren Soto, introduced legislation Thursday that would transfer marijuana to Schedule III of the Controlled Substances Act from its current standing as a Schedule I substance, the strictest of the classifications.

Having marijuana on a lower rung would uphold the rights of states that have legalized the medical use of cannabis, allow for banking activities and create a clearer path for research, Gaetz said in an interview with The Cannabist.

“I have supported cannabis reform as a state legislator, and I want to see the people that I fought for in my state have access to a legal, high-quality product that’s been well-researched,” Gaetz said.

Prior to those efforts, Gaetz stood in opposition to medical cannabis bills. What changed, he said, was watching Dr. Sanjay Gupta’s CNN special report, “Weed,” which chronicled the stories of medical marijuana patients and the challenges of medical research.

After watching the series, Gaetz said he thought that “somebody should do something about that.”

“Until, I realized I could do that,” he said.

If successful, the yet-to-be-named House Bill 2020 would not affect recreational cannabis businesses in operation.

In August, the Drug Enforcement Administration announced it would allow privately operated cultivators to apply to grow cannabis for research, and several companies have started the application process.

Alicia Wallace joined The Cannabist in July 2016, covering national marijuana policy and business. In her 14 years as a business news reporter, her coverage has spanned topics such as the economy, natural foods, airlines, biotech, retail,...